NOAAH’S NEW PARTNERSHIP WITH AMERIDREAM WILL HELP CLOSE HOMEOWNERSHIP GAP
– Collaboration Seeks to Increase Minority Homeownership –
Washington, DC (May 5, 2003) – The National Organization of African Americans in Housing (NOAAH) announced today that it has partnered with AmeriDream, Inc. of Gaithersburg, Maryland to pursue a variety of joint activities designed to increase minority homeownership nationwide.
Although America’s homeownership rates are at an all time high, rates among minority and low-income groups continue to lag behind the national average. Last June, President Bush called for increasing minority homeownership as a top domestic policy goal, stating that, “Part of being a secure America is to encourage homeownership.”
As national non-profit organizations, both NOAAH and AmeriDream have each been working diligently to close the minority homeownership gap. For example, NOAAH’s Certified Homebuyer Preparation Network initiative works with mortgage lenders, insurers, investors and local non-profit minority homeownership educators to deliver prime-priced (“A” quality) home loans to underserved communities.
Similarly, AmeriDream’s Downpayment Gift Program has had significant impact on one of the biggest obstacles facing first-time minority homebuyers: down payment and closing costs. To date, AmeriDream has provided down payment gifts to more than 100,000 low- and moderate-income individuals and families, enabling them to become homeowners through this program.
By working in partnership, NOAAH and AmeriDream can be even more effective in their efforts to close the gap.
“NOAAH welcomes this opportunity to work with a demonstrated leader and strong advocate toward our shared goal of expanding homeownership opportunities in underserved communities, “ said Kevin Marchman, executive director of NOAAH. “The more ways we find to work with the public, private and non-profit organizations who are committed to this urgent goal, the more successful we’ll be in achieving it.”
“AmeriDream is excited about the opportunity to partner with the leading organization for African Americans in housing,” said Ann Ashburn, CEO of AmeriDream. “We look forward to working with NOAAH to increase affordable homeownership opportunities among African Americans and to make strides in closing the homeownership gap.”
The mission of AmeriDream, Inc., headquartered in Gaithersburg, MD, is to expand homeownership opportunities for underserved groups and promote the value of homeownership as the foundation for building strong communities and individual prosperity. AmeriDream, Inc. is a non-profit, publicly supported organization that is tax-exempt under Internal Revenue Code Section 501(c)(3). AmeriDream, Inc. meets the requirements for a charitable organization, as referenced in the HUD Handbook 4155.1 REV-4, CHG-1 Section 2-10 for FHA insured loans. In addition to The AmeriDream Downpayment Gift Program, AmeriDream also operates The AmeriDream Redevelopment Program in the Washington, DC metropolitan area and Florida, and the Community Link Program nationwide. Through the Redevelopment Program, AmeriDream has spent more than $8 million to rehabilitate properties and return them to the market at affordable prices. Through Community Link, AmeriDream has donated more than $1.5 million to a range of community organizations, including Habitat for Humanity, the American Red Cross Disaster Relief Fund, and the Victims Rights Foundation.